One of the more painfully clueless observations made by pundits in recent weeks is that just because everyone is talking about a bubble, there can not possibly be a bubble.
Naturally, if one is tuned to only filter any bubble mentions, one will naturally have a cognitive bias of interpreting the world only through the eyes of "bubble watchers." The flipside of course is that not everyone is a mindless member of the herd, rushing headlong into whatever precipice awaits lemmings just around the corner, and can still do simple math and recall what fundamentals looked like (as a reminder, forward multiples in 2007 looked very cheap too...before EPS for the S&P in 2008 plunged by over 50% which in retrospect would have made those forward multiples 100% higher).
But simple logic failure aside, what empirical evidence shows is that while there has been indeed a pick up in internet mentions of "stock bubble" according to Google Trends, it is still well below its prior high... hit in May 2007 and October 2007, just before and at the very peak of the last stock bubble.
We can only assume that the same pundits that somehow are getting airtime now, were the same ones who said in the summer of 2007 when the S&P had hit its prior, non-QE assisted all time high, that just because everyone is talking about a bubble there can't possibly be a bubble...